Ethereum Technical Analysis: ETH/USD it is vital that the bulls break back above $160-170 or be punished

Ethereum price on Thursday is underperforming, trading down some 0.25%.
ETH/USD bulls are struggling to breakdown again big supply running from $160-170 range.

Ken Chigbo Independent Analyst

ETH/USD 15-minute chart

Price action moving within a bearish flag pattern formation via the 15-minute view.

Spot rate: 160.22

Relative change: -0.25%

High: 164.83

Low: 158.14

ETH/USD 60-minute chart

Looking via the 60-minute the pattern structure appears to be bearish, a potential bearish pennant.

ETH/USD daily chart

Bulls are struggling to break down the $160-170 area convincingly, which is the key for $200 return.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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